After sticking too long to film technology, it looks like Leica is finally getting the digital game figured out. Yesterday it announced a record profit of €248.9 million for the latest fiscal year, a significant increase from the €158.2 million it earned the previous year.
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Nice LRB piece by Howard Hotson about the background to the private ‘university’ to which David Willetts seems so attached.
In 2004, a scathing report issued by the US Department of Education concluded that Phoenix, as the Chronicle of Higher Education put it, had a ‘high-pressure sales culture’ that intimidated recruiters who failed to meet targets and encouraged the enrolment of unqualified students – in short that it rewarded ‘the recruiters who put the most “asses in classes”’. Apollo illegally withheld the report, but it was leaked and the group’s value on the stock market crashed. A suit was brought alleging that its management had ‘disseminated materially false and misleading financial statements in an effort to inflate its stock price and attract investors’.
In 2006 the company’s controller and chief accounting officer resigned amid allegations that the books had been cooked; in 2007, the Nasdaq Listing and Hearing Review Council threatened to withdraw Apollo’s listing from the stock exchange; in 2008, a US federal jury in Arizona found Apollo guilty of ‘knowingly and recklessly’ misleading investors, and instructed the group to pay shareholders some $280 million in reparations. Apollo appealed, but the appeal was rejected by the US Supreme Court on 8 March this year.
In the face of strenuous lobbying from the for-profit university industry, the Obama administration is now reversing the regulatory changes of the Bush years that allowed this bonanza. It has just been revealed that attorney-generals in ten states are investigating the University of Phoenix ‘for possible deceptive practices in its student recruiting and financing’ dating back to 2002. It looks like the party may be over, at least for the Apollo Group. Enrolment at Phoenix dropped by 42 per cent in the last three months of 2010. In January the group conceded that it expects applications to drop by another 40 per cent in the first quarter of 2011.
Is it possible that Willetts just doesn’t know what the Apollo Group was up to at the University of Phoenix? Or does he imagine that for some reason the same thing couldn’t happen here?
Nice Salon.com piece by Michael Lind about Fergie, the Tories’ favourite historian. Sample:
What accounts for the attention lavished by the American media on a huckster as vulgar and shallow as Niall Ferguson? His accent surely is part of the explanation. Only a combined lack of personal and national self-confidence can explain the way that America’s publishers and producers — many of them insecure, upwardly mobile social climbers — will fawn over a mediocre British pundit or pop historian whom they would completely ignore if he were Tony Zacarelli from Long Island or Fred Huffernagel from Oregon. Little has changed since the Midwesterner Jay Gatz, to be taken seriously on the Anglophile East Coast, had to change his name to Gatsby before he could qualify as "dashing."
Ferguson is the most prominent of a number of British conservative intellectuals and journalists who have found more sympathetic audiences in the U.S. than in their own country, where their enthusiasm for Victorian imperialism and Victorian economics stigmatizes them as cranks.